Tarrant County Liquor Store Chain Files Bankruptcy
June 8, 2010
Majestic Liquor Stores filed for Chapter 11 bankruptcy protection yesterday in Fort Worth, according to reports in the Star-Telegram.
A bankruptcy judge allowed the company to continue processing processing credit cards and pay its largest liquor suppliers in “first-day” motions, allowing the company to continue operating as a debtor in possession.
The judge also allowed pre-petition wages owed to the company’s 400 employees to be paid.
The filing says the company has between 100 and 199 creditors and debts totaling between $10 – $50 million. With $150 million in annual sales, the 68-year-old company announced that it expects to move through the bankruptcy proceedings toward a significantly improved balance sheet.
Texas Rangers Hope Bankruptcy Will Move Sale Forward
May 25, 2010
Officials with the Texas Rangers baseball club and Hicks Sports Group (HSG) hope that a voluntary Chapter 11 bankruptcy filing will allow a deal negotiated and finalized in January to finally be completed.
So far, creditors for the team and HSG have successfully blocked the sale by saying that the price agreed on is well below market value. The Rangers Baseball Express, the group headed by Chuck Greenberg and current Rangers president Nolan Ryan, agreed to purchase the team for around $570 million, according to reports published at the time.
While most say the voluntary bankruptcy filing will make the sale a done deal, it is far more complicated than that. The filing seeks to separate the ball club from its parent company’s debts. In the bankruptcy filing, $75 million from the proceeds of the sale will go to the creditors of HSG as the Ranger’s portion of the parent company’s debt.
The rest of the proceeds will go to other unsecured creditors if the court approves the current sale agreement.
Former players Alex Rodriguez and Kevin Millwood will get the $24.9 million and $12.9 million owed to them. Other former players will get between $1.4 and $3.9 million a piece.
The remaining proceeds, reported to be between $280 and $290 million will go to the parent company to allow it to satisfy its debts, which are estimated to be over $500 million.
Problem: Choosing Texas Attorneys
May 14, 2010
If you’re looking for a Texas attorney in any part of the state, you likely see you have literally thousands of options. If you want a bankruptcy attorney, there hundreds for every part of the state — north , south, east, and west. So how do you choose one?
This blog guide helps. You can save time, money, and headaches by using a query, review, and consulting process.
The Query for Texas Attorneys
As of this writing, you have over one million options for lawyers in the U.S. That can be daunting number, but if you’re looking for a specialist attorney, say a bankruptcy attorney, you can cut that number down quite a bit. While there are still thousands of bankruptcy attorneys, there are those who specialize in your area of Texas.
So you can narrow them down by specialty and state. The next step is the basic lawyer query for hiring one. Using the bankruptcy attorney example, you can find local ones by looking online. You can also look phone books, but the web is the prime place to find attorney to query.
A simple query lets the attorney know you’re interested. They might be too busy too take on your case. They might not be in your area. And they might lack the experience you need — one can be just out of law school and starting out. In either case, you can review them based on price, availability, experience, and skill. In your initial query, phone calls are good but if you have no time, most attorneys in Texas give emails.
The Review for Texas Attorneys
If you’re interested in hiring a Texas bankruptcy attorney, you can save time by 1) focusing on local firms in your area and 2) reviewing experience. If the attorney is local and has the experience you need, the next step is to review their price and availability. The attorney may try overcharging you; on the other hand, you might save thousands if they offer to help for a low price.
The attorney may in fact be too busy to take your case, but says they can still help. In this case, you should consider that time is essential, that they might move your case to the bottom of their file, and there won’t be much movement for weeks if not months. This is why you should review how much time they can initially consult with you; this shows availability.
Experience can mean a higher price. In order to hire an experienced Texas bankruptcy attorney, you can review how long they’ve been working in bankruptcy, typical cases they take, and perhaps client testimonials. These are can prove experience.
Who do you hire?
There can be, in some cases, a big rush to get an attorney. If you fear you’ll lose your Texas home to foreclosure, if you’ve been charged with a felony, or the multitude of other Texas law problems, you should still review them. It might take extra time, but it will save you far more time and money than you might think.
Dallas County’s DA Dust Up Draws Tarrant County District Judge From Office
April 1, 2010
The Star-Telegram is reporting that 342nd District District Judge Bob McGrath will resign to take a position as legal adviser to the Dallas County Commissioners Court. The court approved hiring McGrath to the $139,971-a-year job on a 4-1 vote.
The court has clashed with Dallas County District Attorney Craig Watkins over investigations in to the constable’s offices, voter fraud and other issues in the county. Dallas County Commissioners decided to hire an outside legal adviser in January after a resolution could not be reached with Watkins and his staff.
Judge McGrath was not up for reelection this year, but if he resigns his post will be automatically placed on the November ballot. Executive committees of the Republican and Democratic parties will choose candidates to be added to the ballot for the race. Independent and third-party candidates will also have the option of running.
A replacement could be appointed by Governor Rick Perry to serve in the judge’s post until the election is held and winners are certified.
The disagreements between the Dallas County Commissioners Court and District Attorney’s office keep making news.
Watkins office has reportedly turned down two offers of assistance from the Texas Attorney General’s Office in connection with an investigation into alleged corruption in one of the county’s constables office.
Members of the court have recently been calling for Watkins to step down, claiming his lack of action on the constables office investigation is due to both he and the constable being Democrats.
Watkins has refused to comment on the matter, citing a pending investigation.
New Laws Take Effect Today
September 1, 2009
New laws take effect today across Texas that will effect the way many drive and enact tougher penalties on looters and vandals.
Some of the laws passed by the Legislature that garnered a lot of attention include changes to the child restraint requirements, banning the use of cell phones in all school zones, requiring all passengers in a vehicle to wear a seat belt and increasing the number of hours required for driver education for teenagers.
Graffiti vandals will now face stiffer penalties. Those convicted will have to fully reimburse the property owner for damages and perform community service.
Persons convicted of credit card abuse, fraud or identity theft in a case where the victim is over 65 will face up to 10 years in prison.
Tougher penalties were also approved in the wake of looting after Hurricane Ike for thefts or burglaries committed in an evacuation area or an area that is considered in a state of disaster.
Penalties for dog fighting have also been elevated and it is now illegal to possess or own dog fighting equipment.
Convicted sex offenders face new restrictions on internet use and must provide registrars with information about the email addresses they use.
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Judge Ends Testimony In Case That Could Result In Her Removal
August 20, 2009
Texas top judge on the Court of Criminal Appeals completed her testimony in a case that could result in her removal from the bench. Judge Sharon Keller testified that she would have done the same thing if the case were to come up again.
Judge Keller faces five charges of judicial misconduct stemming from her refusal to keep the court clerk’s office open to receive appeals in a death penalty case. She contends that attorneys for Michael Wayne Richard had methods available to them to contact any of the nine judges on the court to submit appeals on his behalf.
The case won notoriety for Judge Keller, with anti-death penalty groups calling her “Judge Killer” for refusing to accept appeals in the case. Richard’s attorneys began a last ditch effort to save him just hours after the Supreme Court halted executions in Kentucky to hear arguements on the process that the state uses to impose the death penalty.
The judge hearing the case will submit his findings to the state’s commission on judicial conduct, who will then decide if they want to dismiss the charges, censure the judge or remove her from the bench.
Judge’s Trial Begins Today
August 17, 2009
An impeachment proceeding for Judge Sharon Keller, who presides over the Texas Court of Criminal Appeals, that centers on a death row appeal that she allegedly turned away begins today in San Antonio.
Judge Keller, a Republican who has served on the court since 1994, hasn’t spoken publicly about the issue since being charged with judicial misconduct in February. She is expected to testify in the proceedings.
Golden Restaurants Files Bankruptcy
July 29, 2009
A portion of the country’s largest Hispanic owned businesses filed for Chapter 11 bankruptcy in Fort Worth recently. Golden Restaurants, which operates 50 Golden Corral restaurants in six states, is seeking protection in bankruptcy court in order to keep the business open and running, according to an article in the Dallas Morning News.
The company, controlled by CG Management which is owned by Guillermo Perales, follows other franchises owned by the management company into bankruptcy court.
Attorneys for the restaurant companies say that the filing comes to protect the businesses from a judgement that stemmed between an assault that occurred at a Burger King in Euless in 2004. A jury awarded the victim in that case $800,000 in 2007, and Metro Restaurants, which owned the Burger King, filed a Chapter 7 liquidation bankruptcy in July of last year.
Texas AG Going After Debt Relief Companies
May 20, 2009
Four debt relief companies are the target of enforecement action taken by Texas Attorney General Greg Abbott’s office.
Dallas area based BC Credit Solutions allegedly told clients that they would have to pay off full balances and interest in a Chapter 13 bankruptcy. Provisions of the U.S. Bankruptcy Code allows the amount of money owed to unsecured creditors to be reduced.
LH Financial Service, also based in the Dallas area, allegedly told clients that they would lose their home, investment accounts and other large assets in bankruptcy. Exempt property in the state of Texas includes the homestead and up to $1 million in retirement savings.
Louisville, Kentucky based DebtORSolution allegedly claimed that filing a Chapter 7 bankruptcy would result in an auction of all your property, when in practice federal and state bankruptcy exemptions allow the debtor to keep most of thier property.
Scottsdale, Arizona based Four Peaks Financial Services allegedly told customers that their debt settlement program “allows your credit score to dramatically improve,” when in fact it can have a negative impact on a debtors’ credit rating.
Hill Country Galleria Declares Bankruptcy
May 6, 2009
Just hours before the Hill Country Galleria was set to go up at the Travis County foreclosure auction, the shopping center filed for Chapter 11 bankruptcy protection.
The bankruptcy filing stops the foreclosure process on the property and will give the developers of the one and a half year old mall on Highway 71 in Bee Cave time to refinance a construction loan that had expired.
Jill Rowe, a local retail broker told the Austin American Statesman that it is not surprising that Opus chose the bankruptcy route, given that the company was unable to convert its construction loan to permanent financing and the project’s layers of lenders. Even if leasing and other aspects of the project are on track, Rowe said, “just the short-term note coming due creates an unworkable situation.”